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sec 44 AD

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11 April 2011 Mr X has commision receipts from a hotel for intriducing client, of Rs 8 lacs.. He has incurred expenditure of Rs 1 lac, with a net profit of Rs. 7 lacs.

whether sec 44 AD can be made applicable to him.. Then his deemed to be income will be Rs 64000.. Is this correct?
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ca cs shriyans jain

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ca cs shriyans jain (Expert)
11 April 2011 Yes ur correct, as presumptive rate of tax is @ 8% for those whose turnover is below 60 lakhs. As in ur case its just 8 lacs to 64000. Is right.
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